Coal producer Peabody Energy Corporation (NYSE:BTU) saw its shares higher in Tuesday morning’s deals as its fourth-quarter results exceeded market expectations.
Net income rose to US$632 million versus US$375 million in the same three months of 2022, as revenues grew by 28% to US$1.63 billion and free cash flows were boosted to a quarterly record of US$579.7 million.
Earnings per share for the fourth quarter came in at US$2.33.
It sees Peabody smash consensus forecasts which had been pitched at US$1.39 billion for revenue and US$2.16 per share for earnings.
"Our remarkable fourth quarter results demonstrated the value of Peabody's diverse asset portfolio,” chief executive Jim Grech said in a statement.
“While there were challenges to overcome, we were able to deliver record Free Cash Flow and repay all remaining senior secured debt."
In New York, Peabody stock was up 3.4% trading at US$27.24 per share – valuing the miner at close to US$4 billion.